The Greek crisis as a “morality tale”? An empirical assessment

Credit and debt are more than just material exchanges within a market economy, they are also social constructs embedded in moral judgments about the character of the agents involved. During the recent European Sovereign Bond crisis, some commentators noted how a similarly loaded moral media discourse juxtaposed “virtuous” Northern European countries on the one side, and “spendthrift, lazy” Southern European ones on the other side. In this article, I provide a quantitative large-N empirical assessment of this phenomenon. I employ a dictionary-based approach inspired by research in social psychology to measure moral content. Upon analyzing more than 14,000 articles published in the Anglo-American and German financial press between 2004 and 2019, I show the extent to which Greece was described in negative moral language. After the initial “shock” in the fall of 2009, the average moral tone turns negative, and more so in the German financial press relative to its Anglo-American counterpart. Moreover, by most measures, it never completely reverts to pre-crisis levels, thus suggesting how “sticky” economic narratives can become. Against the original expectations, though, there is no evidence that the financial press framed the last and most acute phase of the Greek crisis in 2015 in increasingly moral terms.